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Latest Dollar Strength Not Filtering Through To LatAm Currencies

LATAM FX
  • In recent trade the greenback has traded on a surer footing, prompting EURUSD to trade to fresh session lows at 1.0540 with the USD index 0.35% better off.
  • The most recent strength has not filtered through to Latam FX with regional currencies all higher on the day. USDMXN has this week breached support at 20.0014, the May 4 low. This undermines a recent bullish theme and exposes key support at 19.7274, the Apr 4 low. A break of this level would confirm a resumption of a bear cycle that started on Nov 26 last year.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.43% at 19.8334
    • USDBRL down 0.94% at 4.8828
    • USDCLP down 0.67% at 831.71
    • USDCOP down 1.24% at 4001.68
    • USDPEN down 0.22% at 3.7276
    • BBG Dollar Index up 0.23% at 1241.17
    • USDCNH down 0.33% at 6.7027
    • JPMorgan EM Ccy Index up 0.37% at 52.654
    • WTI Crude Oil (front-month) up $0.51 (0.45%) at $112.72
    • Gold is down $8.88 (-0.48%) at $1833.54
    • Copper Futures up 2.5 (0.58%) at 431.00
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